Equities in Canada’s largest market rose on Tuesday, recovering some of its losses from a day earlier, as the energy sector gained from higher oil prices.
The S&P/TSX Composite Index took on 32.61 points to open Tuesday at 15,622
The Canadian dollar inched forward 0.03 cents at 76.46 cents U.S.
A U.S. judge on Monday rejected BlackBerry’s request to dismiss a lawsuit claiming it inflated its stock price and defrauded shareholders by painting a misleadingly positive picture of sales prospects for its BlackBerry 10 smartphones.
BlackBerry shares gained 59 cents, or 3.6%, however, to $17.21.
Capstone Mining said on Monday a worker died at its Cozamin mine in Mexico while working on an underground voltage regulator.
Capstone shares dipped two cents, or 1.5%, to $1.30.
CIBC raised the target price on Advantage Oil & Gas to $6.50 from $5.50. Advantage shares tallied four cents, or 1.1%, to 3.70.
CIBC raised the rating on Gibson Energy from underperformer to neutral. Gibson shares dropped nine cents to $16.26.
CIBC raised the target price on Seven Generations Energy to $24.00 from $22.00. Seven Generations shares grew 40 cents, or 2.6%, to $15.98.
U.S. President Donald Trump appears to be "enthusiastic" about coming to an agreement on the North American Free Trade Agreement, Prime Minister Justin Trudeau said on Monday amid signs the pace of talks is accelerating.
Economically speaking, Statistics Canada reported this morning that wholesale sales edged up 0.1% to $63.3 billion in January. Sales were up in four of seven sub-sectors, accounting for 66% of total wholesale sales.
ON BAYSTREET
The TSX Venture Exchange sagged 3.29 points to 832.15
Eight of the 12 TSX subgroups were positive in the first hour, with energy gushing 1.3%, information technology up 0.9%, and consumer discretionary issues advancing 0.5%.
The four laggards were weighed most heavily by consumer staples, stumbling 1.8%, while health-care stocks suffered 1.4%, and gold dulled in price 0.8%.
ON WALLSTREET
U.S. stocks climbed on Tuesday as the U.S. Federal Reserve started a two-day monetary policy meeting, with most market participants expecting a rate hike
The Dow Jones Industrial Average gained 78.29 points to 24,689.20, with Chevron as the best-performing stock.
The S&P 500 recovered 1.38 points to 2,714.30, with energy leading the gains
The NASDAQ composite Index gained 4.67 points to 7,348.91
Stocks rose a day after a sharp pullback sparked by a decline in Facebook shares. Facebook suffered its biggest one-day drop since March 2014 on Monday after reports said political analytics firm Cambridge Analytica was able to collect data on 50 million people's profiles without their consent.
Facebook's drop dragged the entire tech sector lower, which subsequently pressured the broader market.
Market expectations for a March rate hike are 94.4% as of Tuesday morning. While most market participants expect the Fed to raise rates by 25 basis points, they will also look for clues about whether the central bank will stay on track to hike three times this year or if it expects to further tighten policy.
The Fed is scheduled to make its monetary announcement Wednesday at 2 p.m. ET, with new Chair Jerome Powell set to give his first news conference.
Prices for the benchmark 10-year Treasury note dipped, lowering yields to 2.87% from Monday’s 2.86%. Treasury prices and yields move in opposite directions.
Oil prices improved $1.10 a barrel to $63.16 U.S.
Gold prices dropped nine dollars to $1,318.80 U.S. an ounce.
